Nigeria: World Bank Plans Universal Access to Banking Facilities By 2020 (VANGUARD)

At a major forum convened by the World Bank Group at the just concluded IMF/World Bank Group Annual Meetings in Washington DC, bankers, financial leaders and government functionaries of member countries set a goal of achieving universal financial access by 2020 as a way to accelerate economic progress and reduce extreme poverty.

The leaders at the forum included Nigeria's Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala.

According to the World Bank spokesman for Africa, Agustin Castro, the goal is of utmost importance since 2.5 billion adults worldwide are 'un-banked' and almost 200 million micro to medium enterprises in developing economies lack access to affordable financial services and credit. This, he said, the bank considers as a major obstacle to reducing poverty levels and create much needed new jobs.

Also, the Minister of Finance, Dr. Okonjo Iweala, told journalists attending the meeting at a post annual press briefing that Nigeria has secured a $1.4billion support facility from the World Bank to speed up the development of the power sector and infrastructure in Nigeria. She said "The World Bank has pledged to support Nigeria's power sector and infrastructure development with about $1.4 billion. The World Bank is planning to set up a global infrastructure facility and Nigeria would be among the first countries to benefit considering its population and infrastructure needs."

According to the World Bank Group "More than 50 countries have now made commitments to financial inclusion targets. "If they fulfill their commitments, if other countries also set bold targets, and if the private sector responds by unleashing its resources and know-how - then we can reach universal access by 2020," said Kim.

In a dialogue with Her Majesty Queen Máxima of the Netherlands - who is the United Nations Secretary General's Special Advocate for Inclusive Finance for Development and the Honorary Patron of the G20 Global Partnership for Financial Inclusion - Kim noted that financial inclusion can be a powerful accelerator of economic progress, and can help achieve the World Bank Group's goals of eliminating extreme poverty and building shared prosperity.

The importance of universal access to financial services was also emphasized by Queen Máxima who pointed out that every person and every business in any country deserves that opportunity. The priority of broadening financial inclusion to individuals and small businesses globally was underscored by a panel of government and business leaders.